Bitcoin (BTC) begins a new week with a totally different feel to last as BTC/USD seals its lowest weekly close since December 2020.
A night of losses into June 13 means that the largest cryptocurrency is now edging closer to beating its ten-month lows from May.
The weakness has left few guessing — shock inflation data from the United States last week sparked a chain reaction across risk assets, and low weekend liquidity appeared to exacerbate the consequences for cryptoassets.
The macro pain continues this week — the Federal Reserve is due to provide information on rate hikes and the economy more broadly, the first official policy update since the inflation figures.
The mood among analysts on both Bitcoin and altcoins — while not unanimously bearish — is thus one of resignation. A period of painful trading and hodling conditions may have to be endured before a return to upside, something which at least chimes with the historical patterns of Bitcoin’s halving cycles.
What could be the market triggers in the coming week? Cointelegraph takes a look at five factors to consider as a Bitcoin trader.
Celsius “collapse” looms, sending Bitcoin tumbling
It was a long time coming, but Bitcoin has finally broken out of the tight range in which it has traded since first dipping to ten-month lows last month.
After bouncing from $23,800, BTC/USD then circled the $30,000 zone for weeks on end, failing to deliver a decisive move up or down. Now, while not what investors would like, the direction seems clear.
#BTC is on the cusp of performing its first Weekly Candle Close below the Macro Range Low area$BTC #Crypto #Bitcoin pic.twitter.com/jwqBHfFV1F
— Rekt Capital (@rektcapital) June 12, 2022
It is not just one range that Bitcoin has exited — as trader and analyst Rekt Capital noted on June 12, in abandoning the zone near $30,000, BTC/USD is also ditching a macro trading range in place since the start of 2021.
As such, the most recent weekly close, at around $26,600, was Bitcoin’s lowest since December 2020, data from Cointelegraph Markets Pro and TradingView shows.
“Worst is over. $BTC 25k defended. Think can squeeze a little now, resume selling tomorrow with equities,” economist, trader and entrepreneur Alex Krueger predicted.
An accompanying chart showed a band of buy support in place at $25,000, helping peg 24-hour losses at 12%.
The market at the time of writing was nonetheless in a…
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